The lost paradise: wage rigidity, market segmentation and the ranking of OCA criteria

Jean-Christophe Poutineau (jean-christophe.poutineau@univ-rennes1.fr)
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Jean-Christophe Poutineau: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper develops a compact new open macroeconomics model of a Monetary Union to evaluate, on the one hand, the consequences of the imperfect integration of the goods and labour markets, when countries are hit by asymmetric demand shocks and, on the other hand, the macroeconomic and welfare gains associated to a further integration of either market.

Keywords: market segmentation; new open economy; macroeconomics; optimal currency area (search for similar items in EconPapers)
Date: 2005-08-26
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Published in European Economic Association, 20th Annual Congress, Aug 2005, Amsterdam, Netherlands

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00004960

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